Key Points
- Bitdeer’s self-mined Bitcoin production fell by 66% year-over-year in September.
- Despite the drop, Bitdeer is progressing with its mining rig manufacturing and research and development efforts.
Bitdeer, a Bitcoin mining firm, has experienced a significant decrease in its self-mined Bitcoin production. In September, the company mined only 164 Bitcoin, a 66% drop compared to the same period in the previous year.
Bitdeer’s Efforts in Mining Rig Manufacturing and R&D
Despite the decline in Bitcoin production, Bitdeer is making headway in its mining rig manufacturing and research and development endeavors. The firm announced that the mass production of its SEALMINER A1 machines is on track for Q4, which is projected to add 3.4 EH/s to its proprietary hashrate.
The company’s SEAL02 chip, tailored to meet changing market needs, has also completed its initial production phase with an efficiency of 13.5 J/TH.
Bitdeer’s Hash Rate and Hosting Segment
Bitdeer’s operations update indicated a drop in the total hash rate under management to 17.1 EH/s, a decrease from 21.2 EH/s a year ago. However, the company’s hosting segment is showing signs of recovery, with a sequential increase of 0.3 EH/s due to the addition of newer, more efficient mining machines by clients.
Linghui Kong, Bitdeer’s chief business officer, stated that Bitcoin miners are looking for “more diversified technology solutions and supply chain flexibility”. This is the reason why Bitdeer’s second-generation chip will power the SEALMINER A2 mining machines, which are slated to enter mass production by the end of 2024.
Bitdeer remains dedicated to expanding its operational infrastructure, with key projects in progress in Texas, Norway, and Bhutan. The company plans to energize its Tydal, Norway, phase 1 expansion by December, and complete a hydro-cooling conversion in Rockdale, Texas, between December and February 2025.